Please refer to the background information below to answer the following two questions. Suppose there are 7 persons in t

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Please Refer To The Background Information Below To Answer The Following Two Questions Suppose There Are 7 Persons In T 1 (41.61 KiB) Viewed 27 times

Please refer to the background information below to answer the following two questions. Suppose there are 7 persons in the economy with the following willingness to pay for a good. $16 $14 $12 $10 $8 $4$2 30. At the price ceiling of $2, only 3 units are supplied. Consider the allocation of goods based on bribery. Suppose the amount of bribe can be observed by everyone, the equilibrium amount of bribe in this market has to be stricly higher than [ Answer 30 8.00 1 31. Consider the alternative allocation mechanism under such price ceiling: waiting in line. Suppose everyone earns $2 per hour. Compared to the allocation by bribery, the allocation by waiting in line will lead to at least $[ Answer31 = 24.00 ] more welfare loss to the society.